ATLANTA , Georgia -LRB- CNN -RRB- -- The Atlanta Falcons have `` relinquished their contractual rights '' to Michael Vick , one of the highest-paid players in professional sports before his conviction on dogfighting charges , the Falcons manager said Friday .

Michael Vick will be confined to this Hampton , Virginia , house for the rest of his sentence .

In a statement posted on the football team 's Web site , General Manager Thomas Dimitroff said , `` Michael remains suspended by the NFL -LSB- National Football League -RSB- . However , in the event NFL Commissioner Roger Goodell decides to reinstate Michael , we feel his best opportunity to re-engage his football career would be at another club .

`` Our entire organization sincerely hopes that Michael will continue to focus his efforts on making positive changes in his life , and we wish him well in that regard , '' Dimitroff said .

The quarterback was drafted by the Falcons in 2001 , and played six seasons with the team .

Vick , who will turn 29 on June 26 , pleaded guilty in August 2007 to a federal charge of bankrolling a dogfighting operation at a home he owned in Virginia . He was freed from the U.S. Penitentiary at Leavenworth , Kansas , on May 20 , and returned to his home in Hampton , Virginia , the following day .

He will serve the last two months of his 23-month sentence in home confinement , his publicist , Judy Smith , said after his release .

Vick could have returned to professional football as soon as September if reinstated by the NFL , said the sports agent who negotiated Vick 's 10-year , $ 140 million contract with the Falcons .

Now , however , he has filed for Chapter 11 bankruptcy . A federal bankruptcy judge recently denied a plan presented by Vick and urged him to offer another plan to handle his debts .

The original plan called for Vick to come up with $ 750,000 to $ 1 million in cash to be paid to creditors , U.S. Bankruptcy Judge Frank Santoro said , but he said he saw no evidence Vick could come up with that much .

Santoro suggested Vick 's next plan not call for him to keep two houses and three cars , as did the rejected proposal .

Vick , who acknowledged failing to handle his money well , told the judge he was earning 12 cents an hour as an overnight janitor in prison .

He has offered to work with the Humane Society of the United States on anti-dogfighting campaigns , Humane Society President Wayne Pacelle has told CNN . He was to work on programs aimed at preventing youths from getting involved in dogfighting , and on programs to assist young people who have already been involved in the blood sport .

In testimony before the bankruptcy judge , Vick acknowledged committing a `` heinous '' act and said he should have acted more maturely .

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Manager : Team has relinquished contractual rights to suspended pro football player

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If Vick is reinstated , best NFL opportunity would be `` at another club , '' manager says

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Vick pleaded guilty in 2007 to a federal charge of bankrolling a dogfighting operation

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He will serve last two months of 23-month term in home confinement , publicist says